Where to start with Self Assessment
What is a Self Assessment? Self assessment is HMRC’s way of collecting income tax from individuals. When you have an employed position, the tax is deducted before you are paid – but if you are self-employed, you need to tell HMRC what you have earned, which is done via your Self Assessment. The tax period […]
Bookkeeping: The Basics
Bookkeeping basics 1. What is Bookkeeping? Bookkeeping is completing your accounts using double-entry. There is always a debit and credit, meaning that your accounts ‘balance’. Let’s use an example: let’s say you are an illustrator and send customers framed illustrations in the post. You will need to buy padded envelopes for the delivery. Let’s say […]
Why Bookkeeping is important to grow a successful business
What is bookkeeping and 8 reasons why is it important to grow a successful business There’s been many times I’ve heard: “I hate doing my accounts”. It’s the admin task that seems to get pushed to the bottom of the to-do list and inevitably stay there for weeks on end. I believe if business owners […]
Why do I need a separate Business Bank Account?
When running your own business, it’s really important to separate the cash in your personal and business bank accounts. This is so that you have a handle on what transactions flow through your business – and the best way to do this is to keep your business transactions separate to any of your personal spending. […]
What is CS01?
If you’re a Director of a Limited Company, you would have received a letter congratulating you and outlining your new responsibilities. A CS01 is a part of those responsibilities, so we wanted to provide some information on what CS01 really is. So what is CS01? A Confirmation Statement from the Directors of the Company. This […]
What is CT600?
If you’re an accountant, you will no doubt know financial jargon – but what about those who have just started a business? There’s lots of abbreviations and terminology to get your head around when you start your business – never mind wearing many hats and working long hours whilst you get yourself off the ground. […]